PRLC is blessed to have a vital and growing Endowment Fund. The Endowment Fund is governed by its own set of by-laws and an elected committee that is responsible for the oversight of the fund and the consideration of grant requests.
The purpose of the fund is to invest money received by the fund through donations and bequests which form the principal of the fund. The earnings or income generated by these investments provides money for grants to support non-budgetary ministries of the church.
Every January the amount of funds available for grants is determined based on the earnings of the previous four quarters (October through September).
Donations to the Fund may be designated to one of the following categories: Undesignated; Captial Repairs and Improvements; or Caring Ministry. Donations that are not otherwise designated automatically are considered as contributions to the “undesignated” category.
Grant requests may be submitted by PRLC members for new ministries or programs not supported by the General Fund Budget. Grants are considered based on their relationship to the following categories:
Grants requests may be either approved or denied by the Endowment Committee based on the requests’ compliance with the Fund’s by-laws. Approved requests then go to the Church Council for action. The Church Council can take final action on individual grants of $5,000 or less. Grants in excess of $5,000 require Congregational approval.